Monday 29 March 2010 16.07 EDT
First published on Monday 29 March 2010 16.07 EDT

President Nicolas Sarkozy has urged the US in a speech in New York to lead the way in imposing new global financial regulations – and to pay more attention to the rest of the world.

The French president pledged to keep up the fight in Afghanistan and rallied behind Russia after the subway attacks. But his main message was spurring the US – and President Barack Obama, who will be his host at the White House – to prevent future economic crises.

"You should reflect on what it means to be the world's No1 power," he said at Columbia University, repeatedly pointing his finger at the hundreds of students and academics gathered for his speech.

His wife, Carla Bruni-Sarkozy, nodded supportively in the front row, after the two climbed the steps of the elite university's library hand-in-hand.

"The world does not stop at the east coast, the world does not stop at the west coast," Sarkozy said. "The world needs an open America, a generous America, an America that shows the way, an America that listens."

Sarkozy wants the US to introduce firm regulation of financial systems, from tax havens to hedge funds. His ideas were shared by many in the immediate wake of the financial crisis but momentum for dramatic changes has since slowed.

"We should invent a new global monetary order," he said, insisting that new regulations would "save capitalism".

After wagging his finger at American bankers, he stressed that France remains a friend and ally to the United States, especially in fighting terrorism.

"When New York was attacked, it was all the democracies of the world who were attacked," he said. "When Moscow is attacked, it is all of us who are attacked."

On Afghanistan, Sarkozy told his US audience: "We will remain at your side." That is a sentiment he is certain to share with Obama, who wants Europe to send more troops to aid in the conflict.

Sarkozy's room for manoeuvre is limited. France has 3,750 troops in Afghanistan, but public support for the war is low – as it is for Sarkozy, whose conservative party was humbled in regional elections a week ago and poll ratings are down as low as 30%.

The French president went on to praise the healthcare laws signed by Obama last week. The law is expected to extend coverage to 32 million uninsured Americans and aim to crack down on unpopular insurance industry practices such as denying coverage for people with pre-existing medical conditions.He said: "When we look at the American debate on reforming healthcare, it's difficult to believe … the very fact that there should have been such a violent debate simply on the fact that the poorest of Americans should not be left out in the streets without a cent to look after them. You can't let people simply die."